Housing Activity to Decline in Charlottetown in 2012

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Nov. 4, 2011) - Total housing starts in Charlottetown are expected to decline in both 2011 and 2012, according to Canada Mortgage and Housing Corporation (CMHC's) Fall Housing Market Outlook – Charlottetown report.

"Throughout most of the last decade, the Charlottetown area recorded levels of demand that have been above the norm for all forms of housing," said Jason Beaton, market analyst with CMHC in Prince Edward Island. The most significant factor in the overall decline will be a reduction in multiple unit construction as apartment starts decrease from last year's levels. It is expected that single-detached construction in the capital region will decline to 180 and 175 units in 2011 and 2012, respectively.

"Existing home sales are expected to decline slightly this year but remain close to the ten year average," Beaton said. Expect to see 475 units sold in 2012, down from 525 sales in 2011. Despite the decline in unit sales for this year and next, the average sale price will continue to advance at a moderate pace.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.

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